研報掘金丨華源證券:首予金風科技“買入”評級,風機和風電開發雙輪驅動
華源證券研報指出,金風科技爲中國風機制造龍頭,風機和風電開發雙輪驅動。24年業績開始反彈,前三季度實現歸母淨利潤17.9億元,同比增長42.14%。近年來由於競爭加劇等因素影響,整機價格及整機廠毛利率水平持續下滑,後續盈利能力則有望改善。與其他運營商一樣公司也面臨欠補問題,估算欠補規模約67-107億元,欠補問題有望解決,顯著緩解公司資金壓力。此外機制電價有望推動運營商更加註重全生命週期成本, 風機發電效率、可靠性等因素在風機選擇中重要性有望提升,利好金風科技等頭部風機廠,其利潤率水平有望提升。採用分部估值法給予目標市值345億元人民幣,較當前市值有68%空間,首次覆蓋給予“買入”評級。
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